Sensex and Nifty stay confined; HCL Tech is among the top gainers

Sensex and Nifty Remain Range-Bound; HCL Tech Leads the Gainers

Written by: Supriya Kadu

Edited by: Omkar Devadkar

Last Updated: August 27, 2024

Summary: The National Stock Exchange's 13 sector gauges were trading higher, with the Nifty Pharma index leading the way with a 0.6% rise.

Tuesday's changes to the Indian equity benchmarks were minimal due to losses in Bharti Airtel, Reliance Industries, Kotak Mahindra Bank, and Mahindra & Mahindra, offset by gains in HCL Technologies, ICICI Bank, Larsen & Toubro, Power Grid, and Infosys, as well as unfavorable indications from Asian counterparts. The Sensex covered a range of 179 points, and the Nifty 50 index saw intraday highs of 25,037.70 and lows of 24,988.

The Nifty 50 index dropped 2 points to 25,008, while the Sensex was up 28 points to 81,725 as of 9:23 a.m.

With the Nikkei in Japan falling 0.10 percent, the Hang Seng in Hong Kong falling 0.54 percent, the Shanghai Composite in China falling 0.10 percent, and the KOSPI in South Korea falling 0.43 percent, the majority of Asian markets were trading lower.

The S&P 500 closed lower on Monday night. AI giant Nvidia saw a decline ahead of its quarterly report this week, and investors were waiting for inflation data to provide hints about the Federal Reserve's likely course for rate cuts.

The tech-heavy Nasdaq saw a fall as well, although the Dow Jones Industrial Average ended marginally higher thanks to increases of almost 1% in both American Express and Caterpillar.

The S&P 500 finished the day at 5,616.84 points, down 0.32 percent.

The Dow Jones Industrial Average increased 0.16 percent to 41,240.52 points, while the Nasdaq fell 0.85% to 17,725.77 points.

At home, the Nifty Pharma index led the way with a 0.6% rise, as seven out of 13 sector gauges polled by the National Stock Exchange were trading higher. The Nifty IT, Media, Healthcare, and Consumer Durables indices all saw 0.4–0.6% increases.

In contrast, there was pressure to sell some stocks in the banking, automotive, financial services, real estate, and private banking sectors.

The Nifty Midcap 100 index increased 0.35 percent, while the Nifty Smallcap 100 index gained 0.4 percent, indicating that mid- and small-cap stocks outperformed their larger peers.

The business announced to exchanges that it had extended AI and digital engineering solutions with Xerox, and as a result, its stock climbed 1.41 percent to Rs 1,743.75, making HCL Technologies the biggest gainer on the Nifty.

The following companies saw rises: Bajaj Finserv, Power Grid, Dr. Reddy's Labs, Larsen & Toubro, Apollo Hospitals, Cipla, Divi's Labs, Ultratech Cement, and Nestle.

On the contrary, the companies that suffered losses included Bharat Petroleum, Shriram Finance, Kotak Mahindra Bank, Bajaj Auto, JSW Steel, HDFC Life, Bharti Airtel, and SBI Life.

On the BSE, 1,896 equities were rising and 1,136 were falling, indicating a favorable overall market breadth.

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